Actually in my view it may well be a combination of both. The established relationship is "10 to 1" but any offering usually is given at a premium in order to make things attractive enough to have a majority of shareholders tendering. Therefore a KXL offering of one KXL for six SGX would equal .10 per share and a substantial increment on the recent price level.

I really don't have a positive/negative view on the merging issue but choose to at least considerate it as one of the alternatives we may be faced with.

Onward and Upward